Apple's Still-Tempting Valuation

What is remarkable about Apple stock isn't that it is running ahead of itself. It is that it can't keep up with the company's extraordinary earnings growth.

After climbing nearly 60% in 2012, to a high over $640 a share, many explained away Apple's recent fall to $580 as the shares breaking under the weight of their own hefty price. The stock needed to take a breather.